Certified Information Privacy Professional (CIPP) Practice Questions 2026 – All-in-One Guide to Exam Success!

The Bank Secrecy Act (BSA) was primarily designed to combat money laundering by requiring financial institutions to establish programs for detecting and reporting suspicious activities. Enacted in 1970, this law mandates that banks and other financial entities maintain records and file reports that could aid in preventing and investigating money laundering and other financial crimes.

Under the BSA, institutions must implement anti-money laundering (AML) programs, conduct due diligence on their customers, and report large currency transactions, as well as suspicious transactions that might indicate money laundering activities. The BSA also collaborates with other laws and regulations to strengthen the framework for monetary control and financial transparency.

Other laws mentioned, such as the RFPA, SCA, and EPCA, focus on different areas of law, such as privacy in financial records, electronic communications, and the protection of specific types of electronic information, but they do not specifically target money laundering in the same manner as the BSA.